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Cisco (CSC) CEO Chambers will take on the additional title of chairman, succeeding John Morgridge. But he will give up his title as president, paving the way for him to name a potential heir apparent.

Celebrate Express (BDAY) said it now expects fiscal 2006 per-share earnings of 3 cents to 5 cents, compared with its previous outlook of 25 cents to 27 cents. The Kirkland, Wash.-based retailer of party goods also said it now sees revenue of $86.5 million to $87 million, vs. its previous forecast of $87.5 million to $88 million.

Cendant (CD) said it may simultaneously spin off its Realogy and Wyndham Worldwide units in the middle of next month instead of doing it at different times as was its original intent.

Ford's (F) credit rating was cut two notches by Fitch, which analyzed how creditors might fare under a bankruptcy-court filing.

Franklin Resources (BEN) , parent of the Franklin and Templeton mutual-fund groups, reported that preliminary assets under management, a key measure of fund company profitability, rose 18% to $492.2 billion as of May 31 from $417.3 billion in the same month a year ago.

Ingram Micro (IM) reaffirmed that it expects to earn between $49 million and $56 million, or 29 cents to 33 cents a share, for the second quarter.

National Semiconductor (NSM) reported fiscal fourth-quarter net income of $118.6 million, or 34 cents a share, down from $130.2 million, or 36 cents a share, in the year-ago period.

NeoMagic (NMGC) reported a first-quarter net loss of $5 million, or 53 cents a share, compared with a net loss of $1.65 million, or 25 cents a share, during the year-ago period.

News Corp.'s (NWS) Star Group sold a 19.9% stake in Phoenix to China Mobile, a move that may help the TV broadcaster expand in China.

PortalPlayer (PLAY) said it plans to reduce its worldwide workforce by about 45 employees, or 14%, mainly at its U.S. locations. The designer of technology platform solutions estimates the related annual cost savings will be $6 million and $7 million.

Quiksilver (ZQK) earned $3.7 million, or 3 cents a share in its fiscal second quarter - a fraction of the $34.7 million, or 28 cents, of the year-ago period. Revenue jumped 21% to $516.9 million, largely on the back of its acquisitions of Rossignol and Cleveland Golf.

Reynolds and Reynolds (REY) said net income for the first half of the year was $47 million, or 74 cents a share, compared with $44 million, or 67 cents a share, during the same period in the prior year.

Sharper Image (SHRP) said its first-quarter loss widened from that of a year ago as sales at stores open at least a year plunged 29%. San Francisco-based Sharper Image said it lost $12.6 million, or 84 cents a share, compared with a loss of $4.6 million, or 30 cents a share, a year earlier. Revenue dropped to $106.8 million from $144.9 million.

Salem Communications (SALM) said it still expects second-quarter net broadcasting revenue of $54.2 million to $54.7 million.

Shuffle Master (SHFL) lost $12.7 million, or 37 cents a share in its fiscal second, a turn from a year-ago profit of $6.8 million, or 19 cents. Taking out various charges, the gambling equipment company would have earned 21 cents a share on a continuing operations basis.

Sirius (SIRI) will invest $260 million in a new satellite to be built by Loral, as it ratchets up its battle with rival XM.

Smithfield's (SFD) profit plunged as a meat glut in the U.S. hurt prices. The world's largest pork processor posted an 8% drop in quarterly revenue.

Toyota (TM) executive said the company stands ready to add a second assembly line in Texas, if demand keeps up for its full-size pickup truck. Toyota plans to open 1,000 dealers in China by 2010 as part of an effort to capture a 10% slice of that country's auto market.

Vonage (VG) said the FTC concluded its investigation into the Internet telephone company's 911 disclosures and compliance, and won't take any related formal action.

Wendy's (WEN) said it will begin frying french fries and breaded chicken items with nonhydrogenated oil, eliminating most of the trans fats from its menu and aiming for more healthful choices for customers.

Xilinx (XLNX) backed its prior view for fiscal first-quarter sequential revenue growth of 1% to 5%. The company now expects a quarterly gross margin of 62%, less than its prior outlook of 62.5%.

Market Update:

Asian trading closed in the with the Hang Seng +1.16%, the Nikkei +0.81%, Sensex +5.54% and Taiwan +1.78%. Shanghai the sole gainer yesterday, seems to be a day behind and closed -2.52%

A quick check across the pond finds the CAC +1.57%, DAX +1.43% and FTSE +1.35%.

Crude oil is trading +0.57 to 70.92 while gold is also up +3.2 to 617.0.

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